Updated: Oct 26
Today, Buchanan Refining, LLC signed a Letter of Intent with Republic Financial Corporation of Denver, CO. The Letter of Intent provides for full funding of Buchanan Refinery’s Unit #1, which is fully permitted and will be located on the historic Buchanan Ranch just east of Midland, Texas. Buchanan and Republic also agreed that funding may be extended to the construction of additional refinery units.
Republic Financing has a long history of developing creative solutions for its portfolio companies, which include a wide range of enterprises such as aircraft leasing, emissions control technologies, medical and health screening patent development and a Permian Basin based oil and gas drilling services company. In 2021, Republic celebrates its 50th year in business as a financial solutions provider.
Richard Lee, CEO of Buchanan Refining, said “Buchanan Refining is especially grateful to come to such a momentous agreement with a company of Republic’s stature and history on this, Republic’s 50th anniversary”. “As part of the historic Buchanan Ranch, which was founded in 1904, we believe that Buchanan Refining and Republic Financial are well suited to build the Buchanan Refining Unit #1 together”. “Both of our companies are essentially family offices, and we both credit our longevity to our core values such to honesty, integrity and hard work.” “The realization of bringing the first refinery to West Texas in over 80 years is very exciting to us”.
The Buchanan Refining Unit #1, a 11,500 bpd refinery, utilizes modern engineering design for ultra-low emissions. The refinery is slated to be commissioned in Q4 2022.